There was fear in the market as selling pressure drove prices to retest levels of support and, in many cases, those levels crumbled under the pressure. Binance Coin revisited the $204 mark once more, and EOS attempted to stay above $4 but in vain. Basic Attention Token steadily dropped in value over the past couple of days.
Binance Coin [BNB]
The RSI on the hourly chart for BNB has been below the neutral 50 for the most part. Even the bounce for BNB from $204 to $270 a few days ago saw the RSI revert back to neutral 50 within a span of 24 hours, and eventually, a shift in momentum in favor of the bears took place.
It was not clear whether the bottom is in for BNB. However, a recovery wasn’t initiated- the price would need to climb above $240 before bulls can be considered to have some strength in the market. Dropping below $204 will reinforce bearish pressure.
For EOS, the drop over the past few days was quite harsh. It has lost nearly 40% from its local highs at $5.5 and was trading at $3.48 at the time of writing.
The 50% retracement level at $3.43 has some confluence with the $3.48 level that EOS saw some buying activity at. This affected a bounce up to $3.73 but another drop soon followed as the past few hours saw high trading volume.
The 50% and 61.8% retracement levels are usually areas where accumulation occurs before the next leg upward for an asset- hence it is expected that EOS will find good support in the $3.4 and $3.15 areas.
Basic Attention Token [BAT]
The OBV showed that the rally from $0.445 to $0.56 was on much higher volume than the subsequent selling volume. This hinted that although momentum was with the bears in the short-term, a recovery could occur quickly once sentiment shifts.
The MACD formed a bearish crossover and dived beneath the zero line. BAT did see a bounce off the $0.474 level but a bearish retest of $0.499 followed by the next move downward is the scenario likely to play out.
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